You're almost there! Please answer a few more questions for access to the Applications content. Complete registration
Interested in joining? Complete your registration by providing Areas of Interest here. Register

GASB 34/35 with Accrue on Receipt

Received Response
26
Views
3
Comments
edited May 5, 2020 3:07PM in Assets 3 comments

Summary

We accrued all itmes upon receipts and need to use the GASB 34/35 functionality

Content

We are at a public sector client.  They expense all their asset purchases.  They also accrue on receipt.  When the asset purchase invoice is matched to the PO in Payables the journal entry created is:

Accrued Expense        DR

Accounts Payable                  CR

We cannot use the Update Track as Asset process because it would update all distributions.  We have manually selected the distribution to be tracked as an asset, but it is not included in Mass Additions.  If the original charge account on the requisition is an asset clearing account, then mass additions does include the distribution. 

Tagged:

Howdy, Stranger!

Log In

To view full details, sign in.

Register

Don't have an account? Click here to get started!